The South African government has underlined the importance of platinum for the domestic economy and as a matter of a national security.

South African intelligence minister Ronnie Kasrils says that the country's platinum reserves need to be protected for the sake of South Africa's development, citing the important role the precious metal could pay in a new 'hydrogen economy'.

Speaking at a national security conference, Mr Kasrils argued that the platinum industry needed to be secured "for the benefit of our people", drawing allusions to the current instability that threatened the Middle East and its position in the world's energy supply.

"The struggle for limited resources such as oil has seen a century of instability in the Middle East and the cycle of intervention and resistance of which the present upheaval in Iraq is just another tragic chapter," he said.

The minister went on to tell Business Report how the development of the platinum industry could make South Africa an attractive target.

"Platinum is being advanced as a possible catalyst to convert hydrogen into this new form of energy. If successful, then we in platinum-rich South Africa, are sitting on 86 percent of the new energy source of the world," he said.

"It is important that we take the necessary security steps to ensure stability and solidarity in our region and continent, and protect our resources for the benefit of our people."

South Africa is the world's biggest producer of platinum, boasting the largest platinum mining firms, Anglo Platinum and Impala platinum.